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Fitch Affirms All Classes of WFRBS 2013-C12

January 31, 2014

CHICAGO --(BUSINESS WIRE)-- Fitch Ratings has affirmed all classes of WFRBS Commercial Mortgage Trust (WFRBS) commercial mortgage pass-through certificates series 2013-C12 due to stable performance since issuance. A detailed list of rating actions follows at the end of this press release. KEY RATING DRIVERS As of the December 2013 distribution date, the pool's aggregate principal balance has been reduced by 0.6% to $1.22 billion from $1.23 billion at issuance. Eighty one percent of the loans reported partial year 2013 financials. Based on the annualized 2013 net operating incomes (NOIs), the pool's overall NOI has been stable with approximately a 5% NOI increase over the pool NOI at issuance. The largest loan in the pool is the Grand Beach Hotel loan (10.2% of the pool), which is secured by a 424-room, 20-story, full-service oceanfront hotel located in Miami Beach, Florida . Amenities at the property include a fitness center, three pools, full service restaurant, meeting facilities, a business center, and valet parking including 560 spaces. The debt service coverage ratio (DSCR) based on annualized 2013 NOI was 2.81x compared to 2.13x at issuance. The next largest loan in the pool is the RHP Portfolio II loan (9.5% of the pool). The loan is collateralized by 18 manufactured housing communities comprising 2,967 home pads with nine properties in Colorado (1,814 pads), six in Wyoming (737 pads), two in Illinois (351 pads), and one in Arizona (65 pads). The DSCR based on annualized 2013 NOI was 1.53x compared to 1.47x at issuance. The third largest loan in the pool is the One South Wacker Drive loan (7.8% of the pool), which is secured by a 40-story, 1.2 million square foot class B office tower located in Chicago, IL. The property includes a 135-car subterranean parking garage and is occupied by a mix of 45 office and retail tenants (including 11 investment-grade tenants occupying 21.2% of net rentable area). The DSCR based on annualized 2013 NOI has increased to 2.77x from 2.62x at issuance. RATING SENSITIVITY The Rating Outlook for all classes remains Stable. Additional information on rating sensitivity is available in the report 'WFRBS Commercial Mortgage Trust 2013-C12' ( May 2013 ), available at ' www.fitchratings.com' . Fitch affirms the following classes as indicated: -- $56.6 million class A-1 at 'AAAsf', Outlook Stable; -- $143 million class A-2 at 'AAAsf', Outlook Stable; -- $165 million class A-3 at 'AAAsf', Outlook Stable; -- $298.2 million class A-4 at 'AAAsf', Outlook Stable; -- $102 million class A-SB at 'AAAsf', Outlook Stable; -- $0 class A-3FX at 'AAAsf', Outlook Stable; -- $90 million class A-3FL at 'AAAsf', Outlook Stable; -- $120.1 million class A-S at 'AAAsf', Outlook Stable; -- $973.8 million class X-A at 'AAAsf', Outlook Stable; -- $126.2 million class X-B at 'A-sf', Outlook Stable; -- $75.4 million class B at 'AA-sf', Outlook Stable; -- $50.8 million class C at 'A-sf', Outlook Stable; -- $41.6 million class D at 'BBB-sf', Outlook Stable; -- $27.7 million class E at 'BBsf', Outlook Stable; -- $16.9 million class F at 'Bsf', Outlook Stable. Fitch does not rate the classes X-C or G certificates. Additional information on Fitch's criteria for analyzing U.S. CMBS transactions is available in the Dec. 11, 2013 report, 'U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria', which is available at ' www.fitchratings.com ' under the following headers: Structured Finance >> CMBS >> Criteria Reports Additional information is available at ' www.fitchratings.com '. Additional information is available at ' www.fitchratings.com '. Applicable Criteria and Related Research : --'Global Structured Finance Rating Criteria' ( May 2013 ); --'U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria' ( Dec. 2013 ). A comparison of the transaction's Representations, Warranties, and Enforcement (RW&E) mechanisms to those of typical RW&Es for the asset class is available in the following reports: --'WFRBS Commercial Mortgage Trust 2013-C12' ( May 2013 ); --'WFRBS Commercial Mortgage Trust 2013-C12 - Appendix' ( May 2013 ). Applicable Criteria and Related Research : Global Structured Finance Rating Criteria http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=708661 U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=724961 Additional Disclosure Solicitation Status http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=818911 ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS . IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE ' WWW.FITCHRATINGS.COM '. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE. Fitch Ratings Primary Analyst R. Brook Sutherland , +1-312-606-2346 Director Fitch Ratings, Inc. 70 W. Madison Street Chicago, IL 60602 or Committee Chairperson Mary MacNeill , +1-212-908-0785 Managing Director or Media Relations Sandro Scenga , +1 212-908-0278 sandro.scenga@fitchratings.com Source: Fitch Ratings


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